The Law Dictionary

CREDIT REPORT

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

This is a report of person's credit history as complied by one or all of the three major credit bureau. Credit reports will generally state what credit cards a person has, property owned, what is outstanding on what cards and to what lenders, whether payments have been made on time, current and prior addresses, employment records and any prior lawsuits. Credit reports will … [Read more...]

CREDIT REPORTING AGENCY

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A company that compiles and sells information about the history of a person's financial transactions in order to help ascertain the creditworthiness of the individual. There are three major credit reporting agencies; Equifax, Experian and TransUnion. See also credit bureau. … [Read more...]

CREATE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

To bring into being; to cause to exist; to produce; as, to create a trust In lands, to create a corporation, Edwards v. Bibb, 54 Ala. 481; McClellan v. McClellan, 65 Me. 500. To create a charter or a corporation is to make one which never existed before, while to renew one is to give vitality to one which has been forfeited or has expired; and to extend one is to give an … [Read more...]

CREDIT SCORE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A calculation of various factors concerning an individuals financial history that provide an indication as to their creditworthiness. Good credit scores are over 700 and low is 400-500 and under and indicate a high risk. The most popular company providing credit scores is FICO (Fair Isaac Corporation.) … [Read more...]

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